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Requests for discounts have become a routine step in the legal services purchasing process. Lawyers face the uncomfortable task of defending their billing rates in both RFPs and client pitches. But too often, lawyers don’t make an effort to resist giving a discount when asked. Mostly because they haven’t been trained in how to do it.
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Linking Partner Pay to Strategic Firm Objectives
By J. Mark Santiago
Pay for performance is not a new concept in this country. The ideas and concepts underlying a graduated pay scale based on contribution and merit are deeply ingrained in our society. However, in general law firms have been slower to adopt pay for performance systems. What law firms need now, and this article describes, is an approach to partner compensation that closely links a partners pay to their ability to contribute to the achievement of the firm’s strategic objectives.
Driving Law Firm Profits Through Data Analytics
By John Schrumpf
“Data Analytics” have become more than just buzzwords and are an integral part of well informed decision making. The following best practices have the ability to bring your firm’s data management up to speed with competitors in the law industry, while turning what might be an underutilized resource into a working asset that drives revenue.
Lateral Partner Survey Casts Doubt on Compensation as King
By Dylan Jackson
In a survey conducted by Major, Lindsey & Africa, lateral partners put firm culture and practice support ahead of anticipated compensation when considering a new firm.
Law Firms Enter the Golden Age of Data Mining
By Doug Stansfield
Data mining is a relatively new practice in the legal space and the data profiles of firms are highly variable from one organization to another, so identifying the right tools and prioritizing initiatives can be challenging.
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